The International Chamber of Commerce (ICC) is preparing for the publication of Incoterms® 2020, an update of the renowned regulations that define the responsibilities of buyers and sellers operating in the international trade system.
According to ICC, with the launch of Incoterms set for later this year, websites are already claiming to have information or training sessions about the update of its commercial trade terms. As the world business organization, ICC is the originator and sole official publisher of the Incoterms® rules. Any misuse of the terms can lead to costly mistakes. So how can users spot fake Incoterms® rules information? ICC provides three tips to ensure the right details, from the most credible source:
- Does it mention ICC? One of the easiest ways to spot a misleading Incoterms® 2020 rules website is to check and see if ICC mentioned at all. As the originator and official publisher of the Incoterms® rules, it is important for business to consult resources directly sourced by ICC.
- Words matter: In most cases, websites will make bold predictions about the Incoterms®2020 rules. Speculative sentences, such as “rumors point to changes,” or “it would be very important to change,” are commonplace on these deceptive websites and do not reflect the official position of ICC.
- Are they offering training sessions now? ICC urges those using or studying to consult only ICC-supported websites for information pertaining to the Incoterms® rules to ensure application of the right procedure. By registering for non-ICC affiliated training sessions, businesses and other users run the risk of spending money to receive false information.
For more detailed information, visit ICC.
USCIB has established a central information page on its website for all the latest developments surrounding the introduction of Incoterms® 2020. Go to uscib.org/about-incoterms-2020 for more information.